Advertisement
  1. Real Estate

Developer Grady Pridgen buys St. Pete's shuttered Edward White Hospital

Edward White Hospital, closed four years ago because of declining revenues, has been sold to developer Grady Pridgen for $2.7 million. [Times files]
Published Jun. 18, 2018

ST. PETERSBURG — Edward White Hospital, closed four years ago because of declining revenues, has been sold to developer Grady Pridgen for $2.7 million.

Pridgen could not be reached Monday for comment. City officials said he has submitted plans for remodeling the three-story, 122,000-square foot hospital and adding an expansion on the north side for assisted living and memory care facilities.

In an interview last year, Pridgen said he became convinced of the need for more and better senior living facilities while trying to find a suitable place for his father. He recently developed a 140-bed assisted living facility in Brandon but the Tampa City Council last year denied zoning for a 175-bed facility he proposed for the Hyde Park area.

HCA West Florida announced in 2014 that it was closing Edward White, founded in the mid-1970s by a group of local physicians and named for astronaut Edward Higgins White, the first American to walk in space.

HCA acquired the 162-bed hospital in 1994 and just three years later rumors surfaced that it would be closed due to low occupancy and revenues. By 2013, Edward White had a $5.5 million operating deficit on top of a nearly $1.1 million shortfall from 2012. Its average occupancy that year was 28.6 percent, far lower than that of nearby rival St. Anthony's.

Nationally, hospital admissions have declined as more patients undergo treatment in doctors' offices, walk-in clinics and surgery centers.

Pridgen, once one of Tampa Bay's best known developers, was stung by the 2008 financial crash but has bounced back with several projects.

EARLIER COVERAGE: Boomtime developer poster boy Grady Pridgen is back, but lower-key

In February, he paid $10 million for a vintage mobile home park on Fourth Street N in St. Petersburg where he has said he wants to build a "walkable" residential community with shops and recreation. He is considering townhomes for several acres he owns near the Gandy Bridge on the St. Petersburg side.

The purchase of Edward White closed earlier this year, records show. Pridgen's company, St. Pete Senior Care LLC, has a $3.5 million mortgage on the property.

MORE: Go here for more Business News

Pridgen is the second developer to see potential in the hospital site on the 2300 block of 9th Avenue N, an area where several new homes have recently gone up.

The seller was a company affiliated with Tampa's Sight Real Estate, whose president, Michael Mincberg, bought the hospital three years ago for $2 million. At the time, Mincberg said part of the draw was its location overlooking Booker Creek.

Mincberg has since redeveloped the old Euclid elementary school near downtown St. Petersburg into 14 apartments.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

ALSO IN THIS SECTION

  1. A rendering of the proposed Edge Collective in St. Petersburg's Edge District. Storyn Studio for Architecture
    The "Hall on Central'' will be managed by Tampa’s Hall on Franklin team.
  2. Joseph Erickson, 53, looks out the window at the gulf-[front condo he thought he won at a foreclosure auction last year.t JOHN PENDYGRAFT   |  Times
    "There have been serious allegations,'' Judge Keith Meyer said.
  3. West Port Colony apartments in St. Petersburg C2 Design Group Inc, Chris Stevens
    The complex off Fourth Street N is convenient to both Tampa and downtown St. Petersburg.
  4. Lithia Motors Inc. has acquired three dealerships from the Williams Automotive Group including Wesley Chapel Toyota near the Interstate 75 and State Road 54 interchange in Wesley Chapel. [Times (2007]
    Wesley Chapel Toyota, Wesley Chapel Honda and Tampa Honda dealerships change hands
  5. Joseph Erickson, 53, won a foreclosure auction for a condo at Happy Fiddler Condominiums in Indian Rocks Beach last year only to have a man claim he is the true owner of the property and should get the  $350,000 that Erickson has already paid for the condo. JOHN PENDYGRAFT   |  Times
    A Land O’ Lakes man had already spent money on renovations when he got two shocks about his new condo.
  6. Florida had 381,300 jobs in the manufacturing sector in September. [Times 2016]
    No matter how many times you hear that the country doesn’t make anything anymore, don’t believe it.
  7. The pool area at ICON Harbour Island RICHARD LUBRANT  |  Related Group
    ICON Harbour Island is adjacent to the $3 billion Water Street development.
  8. The Grande Oaks development will be just south of this sign, which sits on the eastern boundary of the town of St. Leo on State Road 52. Tampa Bay Times
    Town officials say they don’t want to become like Clermont.
  9. Spanx founder and Clearwater native Sara Blakely will be the keynote speaker at the Synapse Summit 2020 innovation convention, scheduled for Feb. 11 and 12 at Amalie Arena in Tampa. (Times file photo)
    Organizers say the Clearwater native is a game-changer for the event on Feb. 11-12 at Amalie Arena. It is expected to draw more than 6,000 entrepreneurs.
  10. St. Petersburg's City Council just passed a tenant bill of rights. SUSAN TAYLOR MARTIN  |  Susan Taylor Martin
    The new ordinance is meant to reduce housing discrimination and lower eviction rates.
Advertisement
Advertisement
Advertisement